Duck-Curves Are Back -- And WorseThan Ever -- June 21, 2023

Locator: 44991COSTRENEWABLES. 

Duck-curves:

• ectric rates will only get higher and higher due to this phenomenon.
• released for publication today by the EIA. Link here. 

ERCOT: easily held yesterday --

• yesterday was the narrowest to date this summer and will be the last day of concern for this brief warm spell
• but, wow, it was expensive

Guyana: it's all yours. Thank you, very much for your hospitality.

• Exxon discusses returning unexplored offshore oil blocks to Guyana -- Oilprice.

WTI: current decline -- about 41% -- "consistent with "some of the largest drops in history" -- Liz Sonders. 

**************************
Back to the Bakken

Indian Hill: a reader sent me this photo last evening. Taken from a KUMV webcam, looking south. Williston, of course, is in the foreground; a flare on Indian Hill is in the background, far left. Will post again, later, as a stand-alone with further notes.

WTI: $71.21.

Thursday, June 22, 2023: 37 for the month; 145 for the quarter, 400 for the year
None.

Wednesday, June 21, 2023: 37 for the month; 145 for the quarter, 400 for the year
39304, conf, CLR, Meadowlark FIU 9-6H1,

RBN Energy: Enbridge poised for success following Mainline tariff settlement as TMX startup looms.

It took a while, but Enbridge and shippers on its 3.2-MMb/d Mainline system have finally reached an agreement in principle on a new tolling agreement that will lower per-barrel rates on the mammoth crude oil pipeline network between Western Canada and the U.S. Midwest — and also help ensure that Enbridge will earn a healthy rate of return on its largest asset.

Assuming the Mainline Tolling Agreement (MTA) is approved by Canadian regulators later this year (and that’s seems to be a safe bet), the new rate structure should also help the Mainline system retain the vast majority of its crude volumes, even as it faces new competition from the Trans Mountain Expansion (TMX) project, which will provide 590 Mb/d of additional pipeline capacity from Edmonton, AB, to the British Columbia (BC) coast starting sometime next year. In today’s RBN blog, we discuss the MTA and what it means for Enbridge, shippers and TMX.